United Parcel Service is close to a €5.2 billion ($6.8 billion) deal to acquire Dutch rival TNT Express that would create a dominant package-shipping company in Europe.

UPS plans to pay €9.50 a share for TNT Express, an increase from its prior offer of €9.00. UPS originally offered to pay €8.25 per share for the company when it first approached the Dutch company late last year.